While most of us can understand the basic meanings of our health insurance terminology such as deductibles, co-pays, co-insurance, etc., there is a whole new language being spoken within Health Care Reform. Wondering what in the world an EHB or QHP is? This list should help. ACA – Affordable Care Act, fully known as…
Category: Individual Health Insurance
Colorado Health Insurance Exchange User Fees
The Washington Post is reporting that the Feds are proposing a 3.5 percent fee on insurers who want to participate in new health care markets (this would include the Colorado health insurance exchange). The fee is to cover administrative costs of the new markets, which were designed to be self-supporting. Like most administrative and/or regulatory costs…
Should I just drop group health insurance and offer an HRA instead?
In an effort to dodge some of the rules and challenges that are part of Health Care Reform, some “slick” sales organizations are encouraging Colorado employers to just “get out the health insurance game” and offer a Health Reimbursement Arrangement (HRA) instead. Here is one of the marketing e-mails that we just received. Their pitch sounds…
Am I eligible for the Advanced Premium Tax Credit?
Starting in 2014 you may be eligible for the “Advanced Premium Tax Credit” (which was created as part of the Affordable Care Act). If youare eligible, this could substantially reduce the cost of your Colorado health insurance plan. In order to determine your eligibility for these tax credits, consider these questions: 1. Are you eligible for…
Not right away. The Colorado Health Exchange will initially serve individuals buying insurance for themselves and their families. Most people will continue to get their health insurance through their employers via Colorado Group Health Insurance. Colorado is also setting up a separate exchange for small businesses called the “Small Business Health Options Program” (SHOP). Individuals may…
Colorado Health Insurance Exchange
If your employer does not offer health insurance, then beginning in 2014 you will be eligible to purchase your Colorado health insurance from the Colorado Health Insurance Exchange. What is the Colorado Health Insurance Exchange? Colorado’s health insurance exchange will be a competitive and transparent marketplace where you can purchase health insurance (even if you…
It’s easy to save money on Colorado Health Insurance and to live longer too. DON’T SMOKE! Non-smokers pay less for their Colorado Health Insurance premiums. As one example, Wal-Mart recently started charging smokers $2000 more per year for their health insurance. Non-smokers pay fewer taxes. Colorado smokers pay $1.85/pack in federal and state taxes. Non-smokers live…
Did you know that we spend $800 billion annually on “unnecessary medical services”? That is roughly 30% of all medical spending in the U.S. This waste is but one of the issues that we need to solve if we hope to get our medical costs under control.
Here’s what you need to know about Health Savings Accounts (HSA) for 2013: HDHP Minimum Deductible Amount Individual $1,250 Family $2,500 HDHP Maximum Out-of-Pocket Amount Individual …
Why Is Health Insurance So Expensive?
The answer to this question is complex, but in general terms the high and rising costs of health care are the result of eight key drivers: 1. Medical technology is amazing…but it’s expensive As new health care technologies prove to be more effective, expect utilization to increase; in turn driving costs up even more. Spending…